PROPERTY MANAGEMENT

Keller Williams Realty

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The current real estate market has changed the rental market significantly, and I do believe it will continue for some time. I don’t mean apartment rentals or those that would be considered as life time renters. I mean the single family home rental market. It used to be that most renters were people that didn’t have the money for a down payment on a home so they would rent and save while they were renting. In some cases people have jobs such as the military and while they could afford to purchase a home they chose to rent as they move every three years and it is hard in a normal market to move every three years and absorb closing cost twice in that time period. You can imagine that in the current declining valued housing market that it is a great impossibility for someone in that situation to break even in today’s market. I currently have a program to help military personnel. If you are interested you can see my MILITARY BUYER/SELLER PROGRAM
I’m sure I’m missing some of the reasons people rent, but you understand what I mean.
You may ask who makes up the majority of those who have rental property. We all know there are always investors who have rental properties and make a living at them, but there are lots of people who are choosing or being forced into becoming landlords or handing off their properties to property managers because to sell their homes in the current market means huge financial loss for most. Financial losses most can’t afford to absorb, so they become landlords and hope to sell some time in the future. And there are more investors now who are buying properties for very low prices from the banks and renting while waiting for the market to improve so they can sell them and turn a nice profit. Who are those that are now renters?  The current rental market is made up of all those who have had to go through the short sale or foreclosure process. A large number of those are families who are accustom to living in a single family home and need the room of a single family home because of the number of needed bedrooms and space that most apartment complexes really are not set up for. Below is a list of some stats I found on www.responsiblelending.org just for the state of Florida.

2010 State foreclosure projections:  445,100
State foreclosure projections (2009-2012):  1,482,279
Total state foreclosure starts (Q1-2008 through Q1-2010):  764,021
Total state foreclosure sales (Q1-2008 through Q3-2009):  112,836
Total state foreclosure inventory (end Q1-2010):  484,421
Total state past due mortgages (end Q1-2010):  875,869

What does all this mean? It means that our neighborhood makeup is different. I think our neighborhoods will be more transient than they currently are and I think that in some cases the exterior conditions of the neighborhood will change. You know what I mean. Not everyone takes care of the yard like the owners do. It also affects rental prices. Our economy is a supply and demand and in my neighborhood…….FISHHAWK RANCH…. There aren’t that many rentals available and the nice ones that are priced middle of the road go quickly. What has happened in my neighborhood is rental prices are on the rise and the day of negotiating the price down are few and far between now.

As there are more rentals on the market property management is also on the rise. Finding a good property manager is key. This is the person who is looking after your investment and making sure that the renter pays the rent on time and knows the ins and outs to get a tenant removed quickly if the rent payment stops. If you are looking for a good property manager to manage a property in the Fishhawk, Lithia, Valrico, Brandon, Riverview, Apollo Beach, or Plant City area please visit my website at  PROPERTY MANAGEMENT.
     
 
Rich Kemper
REALTOR, Keller Williams Realty
CDPE – Short Sale Specialist
PCS Military Relocation Specialist
Cell:  813.777.5332
Fax:  813.684.8400
Email:  getrichquick2@aol.com
www.fishhawkhomesforsale.com
www.tamparealestate4you.com
I don’t work from 9 to 5. I work from start to close!

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FISHHAWK BANK OWNED PROPERTY FOR SALE

BANK OWNED PROPERTY SOLD AS IS WITHOUT REPAIR OR WARRANTY. SELLER AND LISTING AGENT HAVE NO KNOWLEDGE OF PROPERTY HISTORY, NO DISCLOSURES SUPPLIED. BUYER/BUYERS AGENT IS RESPONSIBLE FOR VERIFYING HOA FEES AND DUES, IF ANY, COMMUNITY RULES, SQ FT, LOT SIZE, ROOM DIMENSIONS AND TAXES.

This is a 5 bedroom, 3 bath, 3274 sq ft heated listed for $235,000 which is $71.78 sq ft and was built in 2000. This home has only been on the market for 7 days and at this price I don’t expect it to last very long.

Call me or email me if you are interested.

Rich Kemper
REALTOR
CDPE – Short Sale & Foreclosure Specialist
PCS Military Relocation Specialist
EMAIL : getrichquick2@aol.com
http://www.fishhawkhomesforsale.com
http://www.tamparealestate4you.com

HOW IS TAMPA BAY REAL ESTATE DOING? THE LATEST 1/21/11

To All:

Here is the latest information taken from an article printed today 1/21/11 in the Tampa Tribune about the Tampa Bay area real estate market! It’s good news and bad news. Sales are up…that’s excellent news BUT the bad news is that prices continue to fall.

If you or anyone you know is looking to buy or sell a home in the Tampa Bay area please have them give me a call or email me. Visit my websites Tampa Real Estate 4 You or FishHawk Ranch. 

Rich Kemper

REALTOR, Keller Williams Realty

CDPE – Short Sale Specialist

PCS Military Relocation Specialist

Cell:  813.777.5332

www.fishhawkhomesforsale.com

www.tamparealestate4you.com 

The best compliment you can give me is the referral of your friends amd family!

By RICHARD MULLINS | The Tampa Tribune

Published: January 20, 2011

Updated: 01/20/2011 05:01 pm

TAMPA – Florida realtors have a bit of good news about their otherwise difficult market. Existing home sales rose 5 percent in Florida for 2010, and activity around existing homes sales are up a whopping 37.5 from 2008.

In the Tampa-St. Petersburg-Clearwater area, existing home sales rose 3 percent, while the price fell 4 percent to $131,800.

“It’s encouraging to close out the year for Florida’s housing market with increased sales activity,” said 2011 Florida Realtors President Patricia “Pat” S. Fitzgerald.

Homebuyer tax credits helped home and condo sales in the first half of 2010, she said, and historically low mortgage rates helped bring in more buyers in the second half of the year.

The median price for existing homes in Florida was $136,500 in 2010, compared to $142,500 in 2009. The median condo sale price was $91,300, compared to $108,000 in 2009.

For the month of December, existing home sales rose 4 percent statewide, and the price fell 5 percent to $133,100. Sales of existing homes in Tampa-St. Petersburg-Clearwater rose 17 percent, while the price fell 8 percent to $126,100.

Nationally, the number of people who bought previously owned homes last year fell to the lowest level in 13 years, and economists say it will be years before the housing market fully recovers.

The National Association of Realtors reported Thursday that sales dropped 4.8 percent to 4.91 million units in 2010. That was slightly fewer than in 2008, which had been the weakest year since 1997.

The poor year for sales did end on a stronger note. Buyers snapped up homes at a seasonally adjusted annual rate of 5.28 million units in December, the best sales pace since May and the 12.8 percent rise from November was the biggest one-month surge in 11 years.

Information from The Associated Press was used in this report. Contact Richard Mullins at (813) 259-7919 or rmullins@tampatrib.com. Follow him at http://twitter.com/DailyDeadline.

WHAT THE HECK IS A SHORT SALE ANYWAY? PART 2

In my last blog WHAT THE HECK IS A SHORT SALE? I discussed in basic terms what a short sale is….it’s when the bank accepts a contract on your home and agrees to allow you to sell your home for less than what you owe on it. Every neighborhood, including mine, FishHawk Ranch has foreclosure homes for sale. Sometimes they will have a rider that says SHORT SALE or FORECLOSURE, but in most cases they don’t. I mean would you want your neighbors to know you have fallen on hard times and can’t make your mortgage payments? Most of us want to keep our dignity as we have to move from our homes, neighborhoods, schools, and friends. But, what happens once you have an offer that becomes a contract? It seems like all banks handle them a bit differently and some are more efficient than others.
Some would think, well, I have a contract and so everything will be fine. This is not always the case. When there is one mortgage on the property the process goes pretty smoothly. It’s when you have a first mortgage and a second mortgage sometimes called a HELOC (home equity line of credit) that things can become more challenging. My experience is that many people have two mortgages because during the height of the market, everyone’s home was worth more than what they paid and the banks were offering HELOC’s to just about everyone. What this causes when someone is short selling their home, is bank fighting with each other over who gets how much of what is recovered in the sale price of the home. The first mortgage holder of course wants it all and the second mortgage lender wants their fair share and so you have banks fighting with each other or perhaps a better word would be negotiating with each other for their fair share.
Well, while the negotiating is going the clock for foreclosure is also ticking or a better way to explain it is that while the short sale is in process, so is the foreclosure process and sometimes before the banks can come to terms or before the short sale actually closes, foreclosure kicks in and the bank removes you from your home and changes the locks on the doors and becomes the owner of record for the property. You would think that if a short sale is in process with an actual contract meaning there is a buyer for the home they would give an extension of time, but in some cases they don’t and now the homeowner is headed into foreclosure which is much more damaging to your credit, adds years to the length of time before you can re-enter the home buyer’s market, and the lender can still seek a financial judgment against you unless you file bankruptcy and include the home as part of the bankruptcy. And if you do that it normally costs about $5000 to file bankruptcy.
If there are any investors out there reading this or if you know anyone interested in buying foreclosed properties in the FishHawk Ranch community please click on the link FISHHAWK FORECLOSURES to see some really nice deals!
As always, if you have any questions please feel free to contact me. My contact info below.

Rich Kemper
REALTOR, Keller Williams Realty
CDPE – Short Sale Specialist
PCS Military Relocation Specialist
Cell: 813.777.5332
Fax: 813.684.8400
Email: getrichquick2@aol.com
http://www.fishhawkhomesforsale.com
http://www.tamparealestate4you.com
I don’t work from 9 to 5. I work from start to close!

WHAT THE HECK IS A SHORT SALE?

If your neihgborhood is anything like mine FishHawk Ranch there are a lot of real estate signs that say foreclosure or short sale. As a realtor, I am very familiar with what a foreclosure home is. In fact, I have CDPE designation which stands for Certified Distressed Property Expert. As foreclosures have been in the news for years now I thought most everyone was familiar with the term, but just the other day I had a home owner on a listing appointment ask me “what does foreclosure actually mean anyway?” I thought I would write a blog about it and try to explain in some basic terms for those who are interested.

We have banks and other lenders who loan money to people to buy real estate. The person who borrows the money promises legally to pay a specific amount of money each month for a set period of time or until the loan is paid off. This is called a mortgage and I think everyone is familiar with the term. It’s when someone defaults or stops paying the monthly mortgage that the wheels of foreclosure are set into motion. State laws are different so I don’t want to get into time-frames other than to say that once you stop paying your mortgage, after a few months the lender starts building its case to foreclose on the property.

There are two terms thrown around out there, one is what is called a SHORT SALE and the other term is called a BANK OWNED HOME or sometimes called an REO. Today’s blog is about SHORT SALES.

What is a short sale?

A short sale is when the lender agrees to take less for the home to satisfy the note than what is owed on the home. Here is an example. Let’s say you bought a home 3 years ago for $225,000.00 and you owe $200,000.00. You were making your payments until three months ago when you lost your job….(there are many real people out there suffering from this). With things not getting any better and your reserve funds running out and the lender sending you letters that they are starting the foreclosure process you decide you must sell your home, so you call a realtor. You are given the bad news that your home is only worth about $150,000.00. A good realtor is now going to become a consultant and explain your options and advise you to speak with a lawyer to decide if you are a short sale candidate or if a foreclosure would be your best option. For the sake of this blog you a short sale candidate. So, we put your house on the market at a fair market or just below fair market price. We wait until we have an offer (in most cases) and then we go to your lender with our offer and ask if they will approve a short sale. Let’s say the offer is $140,000.00 leaving you $60,000.00 of paying off your mortgage note. If they approve the short sale what they are saying is that they will let you sell your home for $60,000.00 less than what you owe them…thus the term SHORT SALE…it’s being sold short of what is owed. There is more going on than this, but this is a simplistic way to at least understand what a short sale is. I’m sure you want to know what does it cost an individual who short sales his home because the bank isn’t just going to say oh well, we understand you had some personal issues. No, there is a cost and again speaking in general terms, you take a hit to your credit or beacon score and there is a real possibility that the lender will ask you to sign a promissory note for some amount of money. The good news is that in 2 years as long as you work on restoring your credit and don’t have any other issues with paying creditors are eligible to get back into the housing market and buy a home again!
My next blog will be on the other type of foreclosure which is when the bank takes your home from you. Stay tuned and questions are always welcome!

Make it a great day!

 Rich Kemper

REALTOR, Keller Williams Realty

CDPE – Short Sale Specialist

PCS Military Relocation Specialist

Cell:  813.777.5332

Fax:  813.684.8400

Email:  getrichquick2@aol.com

www.fishhawkhomesforsale.com

www.tamparealestate4you.com

I don’t work from 9 to 5. I work from start to close!

FISHAWK RANCH 14TH ANNUAL ROAD RACE IS FEBRUARY 5, 2011

This is one of our community pools!

This is one of our community pools!

For all of you runners out there, this is a nice well established race that is run very well! It’s the 14th Annual FishHawk Ranch Road Race  and is is taking place on Saturday February 5, 2011. The races begin at 8 a.m. and 9:30 a.m. at Park Square, and will consist of a chip-timed 5K, 10K and a one-mile kid’s race. The new chip-timed races are pretty cool!. You attach the chip to like your shoe lace etc. and this makes the times exact. Pretty cool technology! What will they come out with next. Last year there were about 800 runners and it grows larger each year.

If you are a runner you have to come and try this race out. Race shirts are guaranteed for the first 500 adults and 100 kids registered and the cost to enter is $30 for adults and $15 for kids. If you want to go ahead and register, visit www.FishHawkRanch.com where you can register online or print out the registration form. With the recent increase of new home construction in the area parking is a bit harder to find, but have no fears, runners and visitors can take advantage of parking available at the town center as well as the Palmetto Club and the Aquatic Club. 
 Come on out and visit our wonderful community. If you are interested in moving in to our community and just want to look at what is for sale sale go to my website at www.fishhawkhomesforsale.com and look around or give me a call.

Make it a great day!

Rich Kemper

REALTOR, Keller Williams Realty

CDPE – Short Sale Specialist

PCS Military Relocation Specialist

Cell:  813.777.5332

Fax:  813.684.8400

Email:  getrichquick2@aol.com

www.fishhawkhomesforsale.com

www.tamparealestate4you.com

I don’t work from 9 to 5. I work from start to close!

THE 2010 GREATER TAMPA ASSOCIATION OF REALTOR STATS ARE OUT!

There is a buzz in the air … 2010 GTAR Statistics are in and there is some good news to share with your customers!

 Our “Overall” Sales total is up 3.91% (We sold 1738 homes in 2009 and 1806 homes in 2010)

  1. We ended 2010 with an inventory of 14,570 representing an 8.1 month inventory!  This is a lot closer to a shift to a sellers market than we were in January of 2009 – 19 months or even in January of 201 – 13.5 months.
  2. Over 75% of our home sales were priced under $200,000 . . . Can you say “Investor” and “First Time Home buyer?”  These two buyers will continue to have an impact  in 2011. Anyone who can should  take advantage of the tremendous market of opportunity we are in.
  3. Our average sale price in January 2010 was $154,725 and we ended the year at $154,016!  That seems pretty “Stable” to me… Even if you go back to January 2009 $160,662 prices are only down 5% over the past two years. And
  4. Interest rates are still very good with only slight increases, but that could help to provide a sense of urgency in the market.

Rich Kemper

www.fishhawkhomesforsale.com